Search Results for: Income Tax

Will request FM for extension in due date for filing income tax, GST returns

Maharashtra Chief Minister Devendra Fadnavis on Monday requested Union Finance Minister Nirmala Sitharaman for extension in due date for filing income tax and Goods and Services Tax (GST) returns. “I will request Nirmala Sitharman ji for extension in due date for filing income tax and GST returns,” the Chief Minister said during a press conference. In a big relief to those affected by the deluge in the state, the Chief Minister announced, “Loans on flood-affected crops, up to 1 hectare will be waived or…

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Cheering numbers: GST imparts a big push to Income Tax base

A spectacular 53% increase in the number of income-tax returns filed electronically till July 31 has given the government renewed hope of continued high-paced growth in compliance and taxpayer base, even 21 months after demonetisation. The goods and services tax (GST), launched in July 2017, seems to have contributed to the government’s project to expand the I-T base to a much higher degree than the note ban itself. According to official data, e-returns of 3.43 crore were filed between April…

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Income Tax department seeks GST and GAAR details in new audit form

The Income Tax department has changed a form in the tax audit report, seeking details of the goods and services tax (GST), the general anti-avoidance rules (GAAR) and secondary adjustments in transfer pricing from companies and professionals. The form — 3CD — has to be filled by all auditable companies and professionals. In other words, companies whose turnover is above Rs 10 million and professionals whose gross receipts are over Rs 5 million a year have to file this form…

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New income tax return forms notified for FY 2018-19; salary breakup, GST ID to be furnished

The Central Board of Direct Taxes (CBDT) notified the new Income Tax Return forms for the FY 2018-19 on Thursday. The new ITR form seeks a detailed salary break up from salaried class assessees and GST number and turnover from businessmen. Though there is no change in the manner of filing the ITRs as compared to the last year 2017-18, some fields have been rationalized in the latest form. All seven ITRs can be filed electronically except for some category…

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Who’s afraid of CAG watching over GST — and income tax?

NDA, which came to power blowing the trumpet of clean governance, appears oddly anxious of the watchdog’s oversight. If Parliament doesn’t intervene in the days to come, the Goods and Services tax (GST) may stay out of the purview of the Comptroller and Auditor General (CAG). The GST Council, aiming for a July rollout, has conveniently avoided CAG’s oversight with respect to the GST’s functioning. CAG enjoys constitutional authority to certify the accounts (revenue expenditure) of the Centre and states. Despite…

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GST Rates Can Be Reduced Further As Tax Base Increases: Finance Secretary

GST rates can be reduced further once the tax base increases and everyone pays taxes properly, Finance Secretary Ajay Bhushan Pandey said on Thursday. “Once the tax base increases and if we are able to enforce our tax laws and everyone pays taxes properly, there will be definitely scope for further reduction of taxes,” he said. Addressing a session on ”Digitisation in Governance” at CAPAM 2020, he said the ultimate aim should be that to collect minimum taxes at minimum…

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Public limited companies just 0.6% of GST taxpayer base but pay 35% of revenue

Public limited companies, which account for only 0.6% (72,151) of total GST-registered taxpayers, contribute about 35% to the GST revenue collection, data released by the GST Network showed. About 1.2 crore taxpayers are currently under the GST ambit. Similarly, only 0.2% taxpayers are public sector undertakings but contribute above 9% of revenue under GST. Other top revenue contributors are firms constituted as private limited companies — about 6.75 lakh or 5.9% of total taxpayers have paid 27.5% of the revenue…

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CBIC settles controversy over imposition of GST on directors’ income

The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday clarified that remuneration to directors — whatever name they are referred to as (independent directors or whole time directors) — would attract goods and services tax (GST) in case they are not employees of the concerned companies. GST will be imposed on them on a reverse charge mechanism (RCM). This way, CBIC has settled an ongoing controversy related to the matter due to conflicting rulings by the authority for advance rulings (AARs). Normally, a…

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New GST filing format, e-invoicing to help in ease of doing biz, reporting for taxes: GSTN CEO

GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes. “E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries,” Kumar said while addressing an event on ‘E-invoicing and New GST Return Format’ organised by the PHD Chamber of Commerce and Industry. There is a need for standard to ensure complete…

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CBIC issues Standard Operating Procedure for Field Formations for Examining and Forwarding Representations of Taxpayers to GSTN

The Central Board of Indirect Tax & Custom (CBIC) through the circular stated that in order to avoid the technical glitches on common portal the Central Board of Indirect Tax & Custom (CBITC) the uniformity in the standard Operating procedure will be followed by the field formations for examining and forwarding the details of taxpayers to Goods and Service Tax Networks (GSTN). The circular was issued by Sanjay Mangal, Commissioner of Goods and Service Tax (GST) addressing the Principal Chief Commissioners or the Chief Commissioner of Central Tax. The subject-matter…

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